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Wait | 08 December 2022

08 December 2022, GBP/USD

Technical observation

GBP retraced to the supportive zone 1.1690-1.1623 then bounced within it before rising steadily and it is currently trading with an increasing bullish bias slightly below the level 1.2650. I expect price rise to the level 1.2650 then either bounce at it or clearly break above it with a big green candle. My advice, in case of a rejection at 1.2659, wait for a correction to the zone I mentioned earlier then buy a bounce within it with your take profit at 1.2650 and stop-loss at 1.1161. On the other hand, if there is a clear break above the level 1.2650, wait for a pullback and a bounce at it before you continue long with GBP towards the key level 1.3610.

Trade recommendation

Remain neutral.

Imelda Maseno
Analyst of «FreshForex» company
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